- Bitcoin has rejected a key level and lost support for the index.
- The price of Ethereum is showing upward momentum during a recession.
- In the coming hours, the price of Ripple may fall sharply down.
The cryptocurrency market is showing early signs of a new recession. The main layer is defined.
Bitcoin price is currently trading at $19,414. The 21-day simple moving average (SMA) lost support as the peer-to-peer digital currency went into free fall on Tuesday, October 18. The move south was catalyzed by the top of the previous triangle, which has been a consistent support since early September.
If the rally does not support the 8-day exponential moving average at $19,222, a summer low of $17,880 is likely. If the bulls do not give up near this level, investors can expect the market to eventually reach $16,000 BTC.
A $20,300 break above the rejection triangle is doom for traders looking to engage in a bearish trading setup. Such a price move could be the catalyst for bitcoin’s price to return to $25,400, resulting in a 30% increase from the current price of bitcoin.
BTC/USDT 1 hour chart
In the video below, our analysts dig deeper into Bitcoin's price action by analyzing key levels of market interest. -FXStreet team
Ethereum Price Shows a Bearish Trend
Ethereum prices fell from the mid-$1,300s by the start of the third week of trading in October. On the hourly time frame, there is a slight increase in volume, while the relative strength indicator shows increasing bearish momentum. Combining the description of these indicators may indicate that decentralized smart contract tokens are in the early stages of a new move south.
The price of Ethereum is currently trading at $1316 as the bears have broken through the 21-day SMA. If the bulls do not show up near the 8-day EMA around $1280, then the October low of $1205 will not come as a surprise.
The bearish cancellation level was a break above the October high of $1,383. If the bulls are able to pull off this bullish event, there could be a subsequent rally to the September high at $1,718. The price of ETH will rise another 36% from the current market price.
1 hour ETH/USDT chart
In the next video, our analysts dig deeper into Ethereum's price action by analyzing key levels of interest in the market. -FXStreet team
Ripple price looks calm
XRP price is currently $0.47. The 8-day EMA and 21-day SMA are positioned separately for Bitcoin and Ethereum. On Monday, October 17, both indexes simultaneously fell in the region of $0.485.
The digital money transfer token could be a turning point for investors as a moving average deviation could be the signal of death in the coming hours. Such an action could destroy the price of XRP. Liquidity is around $0.40 and there is a potential downside risk of 19% from the current market price of $0.37.
A downtrend breakout is a breakout above $0.50. If a bull move occurs, there could be a buying frenzy targeting the September high of $0.56, pushing the current price of XRP up 19%.
XRP/USD 1 hour chart
In the video below, our analysts dive into Ripple's price action by analyzing key levels of interest in the market. -FXStreet team